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Submitted by Charles Hugh-Smith of OfTwoMinds blog, When the phantom wealth evaporates and risk assets go bidless, cash will once again be king, for the simple reason there will be so little of it. Occasionally it's a good idea to step away from the daily grind to consider the larger issues we all face--for example, the future of the money we earn and the bits we invest in something we hope holds or increases its value.

By Peter Eavis As the Greek crisis escalated in recent days, Europe's common currency crossed a line that could taint it forever. The crucial moment occurred when Greece's debt dispute with other European countries became a fight to stay in the euro. The prospect of a country leaving the currency was once unthinkable. Europe's goal is to form an "ever closer union" - and the euro's creators expected the currency to play a driving role in that process.

Bloomberg reports Euro Drops in Longest Losing Streak Since 2010 on Debt Turmoil
The euro fell for a fifth week versus the dollar in its longest losing streak in almost two years on concern Europe’s debt crisis is worsening and as data showed the U.S. labor market is strengthening.

With an estimated Rs 6 lakh crore deposited in bank accounts in the past two weeks, the saving bank accounts of Indians are bulging with cash. Given the restrictions on withdrawals, a large chunk of this money is going to stay put in the bank accounts for the next few months, earning a paltry interest of 4% (6% in select banks) per year. Though interest on savings bank accounts is tax-free up to Rs 10,000 per year, it's not a good idea to keep Rs 2.5 lakh idling in your bank account.

If you read this without saying "umm, what?" read it again... USA Today notes that a report by the Treasury Inspector General for Tax Administration shows the IRS handed out $2.8 million in bonuses to employees with disciplinary issues - including more than $1 million to employees who didn't pay their federal taxes.

WASHINGTON (AP) — The House Oversight Committee is investigating whether a personal relationship between an Internal Revenue Service employee and the owner of a computer company produced a series of government contracts worth about $500 million.